Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2017 information related to Whispering Company (5000 omitted). Administrative expense Officers' salaries $4,957 Depreciation of office furniture and equipment 4,017 Cost of goods sold 60,627 Rent revenue 17.287 Selling expense Delivery expense 2,747 Sales commissions 8,037 Depreciation of sales equipment 537 Sales revenue 96,557 Income tax 9,127 Interest expense 1,917 Common shares outstanding for 2017 total 40,550 (000 omitted). (a) Your answer is partially correct. Prepare an income statement for the year 2017 using the multiple-step form. (Round earnings per share to 2 decimal places, eg. 1.48.) Sales Revenue Cost of Goods Sold WHISPERING COMPANY Income Statement For the Year Ended December 31, 2017 (In thousands, except earnings per share) Cost of Goods Sold Gross Profit/(Loss) Operating Expenses Expenses Delivery Expense Sales Commission Total Selling Expenses Administrative Expenses Salaries and Wages Expense 0000 Salaries and Wages Expense Depreciation Expense Total Administrative Expenses Income From Operations Other Revenues and Gains Rent Revenue Other Expenses and Losses Interest Expense nnnnn Interest Expense Income Before Income Tax Income Tax Expense Net Income/(Loss) Earnings Per Share